What Is Special Event Insurance and Do You Need it?

Organizing and hosting special events can be an enjoyable and exciting pastime or profession. However, even the most diligent and experienced planners must account for the possibility of something going wrong. In many cases, throwing a special event may require significant financial commitments, and appropriate insurance is essential to protecting your investments.

What Is Special Event Insurance?

As its name suggests, special event insurance is a type of policy that focuses on financially protecting you and other parties involved in an occasion from accidents and other unexpected difficulties. Unlike many types of insurance, special event insurance may often be purchased for a single occurrence rather than providing ongoing coverage for a set period. Policies are frequently available for the following types of occasions:

• Weddings
• Sporting events
• Conventions
• Awards ceremonies
• Parties
• Festivals
• Banquets

Who Needs Special Event Insurance?

Any special event that requires deposits for vendors, venues or other financial commitments should strongly consider the benefits of acquiring special event insurance. By having an adequate policy, you can plan your event with inherent financial security and peace of mind, ensuring that should unexpected hurdles appear, you have the means to recoup or limit resulting fiscal consequences.

What Does Special Event Insurance Cover?

Special event insurance policies may often be customized to suit your unique needs and circumstances, including budgetary limitations, risk tolerance and specific needs relevant to your event. Still, most policies begin with a template that includes the following features:

• Bodily injury liability coverage—If a guest, vendor or other third party attending your event is injured, your policy may provide funds to offset their medical bills and other financial losses.
• Property damage liability coverage—This part of a special event insurance policy can provide financial protection if you are at fault for damaging another party’s property, such as the host venue’s furniture or equipment.
• Cancelation and delay coverage—This coverage may help you recoup deposits, fees and other nonrefundable financial commitments should you be forced to reschedule, cancel or otherwise alter your event.
• Personal property damage coverage—Special event insurance may include financial protection for specific personal belongings, such as jewelry and high-value garments (e.g., wedding dresses and tuxedos).

How Much Does Special Event Insurance Cost?

Special events carry unique risks and exposures, and even similar occasions taking place in the same location may require insurance companies to carefully analyze the situation before providing a quote for adequate coverage. Generally, the following criteria may be considered:

• Event type
• Event duration (e.g., one evening celebration or week-long convention)
• Venue specifics (e.g., location and square footage)
• Number of people expected to attend
• Policy details (e.g., coverages needed and policy limits)

Get the Right Coverage

Contact the team at J.A. Faccibene & Associates Insurance Services to learn more about coverage options for your special event.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.